Rs 44 cr seized from commodities traders

NEW DELHI : The income-tax department has seized a record 44.20 crore in unaccounted cash from three traders active in commodities futures markets, as it tightens the net around tax evaders.


"This is the largest cash seizure ever," Central Board of Direct Taxes spokesman Shishir Jha told reporters.


The traders, whose identity was not revealed, raised money from the public, promising extraordinarily high returns, in Delhi, Punjab, Haryana, Rajasthan, Uttar Pradesh, Bihar, Maharashtra and Andhra Pradesh.


"These persons have admitted to an undislosed income of 155 crore," he said.


Asked if more such traders were being raided, he said, "The drive against tax evasion is an ongoing process".


A few days ago, in a similar search operation, the IT department in Asansol, West Bengal, had seized unaccounted cash and bank deposits worth 12.57 crore.


The department has in the last two years detected unaccounted income of 15,000 crore as a part of its search and seizure operations.


The spokesperson said the department had already put in place systems to track tax evaders.